Joint Venture Between CIC, Russia State-Backed Firm Plans $800M Tourism Fund

A joint venture between the Russian Direct Investment Fund, or RDIF, and China Investment Corporation, or CIC, plans to raise an $800 million fund to invest in infrastructure for senior living centers and to tap rising Sino-Russia tourism, a top executive at the Russian state-backed fund said Monday.

The move is the latest in a series of partnerships and funds developed by RDIF, a $10 billion sovereign wealth fund set up in 2011 to attract strategic investors who have steered clear of Russia due to concerns over rampant graft and the rule of law.

RDIF will hold a stake in the fund through Russia-China Investment Fund, or RCIF, a private equity firm established with China's sovereign wealth fund CIC in 2012, RDIF chief executive Kirill Dmitriev said in an interview.

"We will hold a controlling stake, but will raise the rest of the fund from international partners," Dmitriev said ahead of Tuesday's signing ceremony in Shanghai for a series of Sino-Russian deals.

Networking Meeting in Oslo - 13 May

Rederi2Please find enclosed pictures from the informative NRCC Networking Meeting organized at the premises of the Norwegian Shipowners Association. Richard Nygaard Scarborough, International Adviser, Norwegian Shipowners Association, discussed major opportunities for Norwegian Shipowners in Russia and the Arctic region. Jan Erik Smith, Senior Analyst, DNB Bank, presented his analysis of the impact that Ukranian crisis can have on the Russain banking system. Jørn Tverseth, Project Manager, NRCC, presented results achieved after 1. year of operation of Young Entrepreneurship Program. 

After the meeting the guests enjoyed cocktail reception and continued networking.  


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